Short Interest in PubMatic, Inc. (NASDAQ:PUBM) Increases By 34.9%

PubMatic, Inc. (NASDAQ:PUBM) saw a significant increase in short interest in the month of March. As of March 15th, there was short interest totalling 1,470,000 shares, an increase of 34.9% from the February 28th total of 1,090,000 shares. Based on an average trading volume of 457,400 shares, the days-to-cover ratio is presently 3.2 days. Currently, 3.2% of the shares of the company are sold short.

Insider Activity

In related news, General Counsel Andrew Woods sold 3,529 shares of the business’s stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $14.84, for a total transaction of $52,370.36. Following the sale, the general counsel now owns 34,702 shares of the company’s stock, valued at $514,977.68. The trade was a 9.23 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Chairman Amar K. Goel sold 4,087 shares of PubMatic stock in a transaction on Thursday, January 2nd. The shares were sold at an average price of $14.84, for a total value of $60,651.08. Following the transaction, the chairman now owns 14,044 shares in the company, valued at approximately $208,412.96. This trade represents a 22.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 94,811 shares of company stock valued at $1,438,381. 2.90% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On PubMatic

Several large investors have recently made changes to their positions in PUBM. Intech Investment Management LLC bought a new stake in PubMatic in the third quarter worth approximately $170,000. Charles Schwab Investment Management Inc. raised its holdings in PubMatic by 122.5% during the third quarter. Charles Schwab Investment Management Inc. now owns 434,867 shares of the company’s stock valued at $6,466,000 after buying an additional 239,406 shares in the last quarter. FMR LLC raised its holdings in PubMatic by 201.6% during the third quarter. FMR LLC now owns 4,053 shares of the company’s stock valued at $60,000 after buying an additional 2,709 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in PubMatic by 37.9% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 12,593 shares of the company’s stock valued at $187,000 after buying an additional 3,461 shares in the last quarter. Finally, Jacobs Levy Equity Management Inc. lifted its position in shares of PubMatic by 17.4% in the third quarter. Jacobs Levy Equity Management Inc. now owns 676,464 shares of the company’s stock worth $10,059,000 after buying an additional 100,479 shares during the last quarter. Institutional investors own 64.26% of the company’s stock.

Analyst Ratings Changes

PUBM has been the subject of a number of recent research reports. Royal Bank of Canada cut their price objective on PubMatic from $21.00 to $19.00 and set an “outperform” rating for the company in a research report on Friday, January 3rd. Lake Street Capital dropped their price target on PubMatic from $24.00 to $21.00 and set a “buy” rating on the stock in a research note on Friday, February 28th. Scotiabank reduced their price objective on shares of PubMatic from $17.00 to $15.00 and set a “sector perform” rating for the company in a research note on Friday, February 28th. Finally, JMP Securities reissued a “market outperform” rating and issued a $20.00 target price on shares of PubMatic in a research report on Monday, January 27th. Four analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $19.89.

PubMatic Price Performance

PUBM traded up $0.15 on Tuesday, reaching $9.29. 443,099 shares of the company traded hands, compared to its average volume of 442,575. The company has a market cap of $450.82 million, a price-to-earnings ratio of 29.97 and a beta of 1.48. The stock’s 50 day moving average price is $12.93 and its 200-day moving average price is $14.43. PubMatic has a 52-week low of $8.90 and a 52-week high of $25.36.

PubMatic (NASDAQ:PUBM) last posted its quarterly earnings results on Thursday, February 27th. The company reported $0.26 EPS for the quarter, missing the consensus estimate of $0.37 by ($0.11). The company had revenue of $85.50 million for the quarter, compared to analysts’ expectations of $88.24 million. PubMatic had a net margin of 5.96% and a return on equity of 6.12%. As a group, equities research analysts forecast that PubMatic will post 0.22 earnings per share for the current fiscal year.

About PubMatic

PubMatic, Inc, a technology company, engages in the provision of a cloud infrastructure platform that enables real-time programmatic advertising transactions for digital content creators, advertisers, agencies, agency trading desks, and demand side platforms worldwide. Its PubMatic SSP, a sell-side platform, used for the purchase and sale of digital advertising inventory for publishers and buyers.